Morocco’s economy grew 3.8% in 2024, slightly outpacing last year’s 3.7% expansion, and driven by solid gains in industry, construction, and services that helped cushion a sharp downturn in agriculture, according to data from the country’s statistics office (HCP).
The report indicates that non-agricultural output rose 4.5%, up from 3.7% in 2023. The agricultural sector, however, shrank by 4.8%, reversing modest gains the year before.
The figures highlight Morocco’s economic recovery amid persistent inflation and growing external imbalances. The data also reinforce Morocco’s reliance on structural diversification to sustain growth in the face of climate volatility and global headwinds.
Manufacturing strongly rebounded, growing 4.2% after having barely expanded the year before. Extractive industries, in contrast, surged 13%, fueled by renewed momentum in phosphates and mining. Construction rose 5%, while manufacturing output went up 3.3%.
The services sector maintained steady momentum, expanding 4.6%. Financial and insurance services posted a robust 7.3% gain, while transport and logistics advanced 7.4%. Tourism-related activities cooled sharply, however, growing only 9.6% after having surged 23.5% in 2023, as post-pandemic catch-up demand faded.
Rephrase in a different way as if you were a native American speaker as a content creation expert and do not talk about yourself or your experience in the text and do not show yourself as an artificial intelligence who wrote and fill the bullet point in the topic and speak the heart of the topic itself and dont take date of blog in ther first and dont take text like box of newsliter subscribe on post from content and romove all linke insert in content and and remove all affiliate disclosure phrases on content like this “This post may contain Amazon or other affiliate links that allow us to earn a small commission at no extra cost to you. Please see our Disclosure Policy for more info” and “#” put in its place bullet point, and romove name of the web site or his links we are take a content from our new creation
